ST. LOUIS--(BUSINESS WIRE)--Mar. 16, 2015--
U.S. Bancorp (NYSE:USB) and ORIX USA Corp. announce the closing of U.S.
Bancorp’s first renewable energy syndication, which is expected to
enable SolarCity to install approximately 2,500 solar power systems at
homes and businesses in nine states.
U.S. Bancorp led the transaction, introducing of an industry-leading
product that will allow both first-time and experienced investors to tap
into the renewable-energy tax credit market.
This agreement will help finance the installation of solar arrays in
Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts,
Maryland, New Jersey and New York, with more to come. The syndication is
expected to finance more than $100 million in solar projects.
The 2,500 systems installed by SolarCity are projected to produce enough
clean-source electricity in their first year of operation to equal
removing 4,250 cars from the roads each year. The fund makes it possible
for many home and business owners to install solar panels with no
upfront cost, and pay less for solar electricity than they pay for
“This is a new phase of business development for U.S. Bancorp,” said
Zack Boyers, chairman and CEO of U.S. Bancorp Community Development
Corporation. “Entering into our first renewable energy syndication
agreement allows us to expand SolarCity’s ability to install more
energy-saving solar arrays on homes and businesses across the nation
that will, as a result, produce more jobs and assist in the country’s
The syndication is a gain on multiple fronts for U.S. Bancorp: It boosts
the capital in the solar market, increases use of clean energy, and
diversifies the bank’s ability to serve the needs of a growing market as
well as its products and services, Boyers said.
The syndication deal marks ORIX’s entry into the renewable-energy tax
credit financing market.
“We welcome the opportunity to help consumers and businesses reduce
greenhouse gas emissions by becoming solar energy users,” said Andrew
Garvey, managing director and head of ORIX Municipal Finance. “ORIX is a
unique platform, and this transaction shows how we can make our capital
available in innovative ways to achieve the financing needs of our
The installations will produce more than 350 construction and
installation jobs. They will also generate $76 million in economic
impact from salaries, equipment purchases, construction materials and
secondary spending by workers on local services and on solar industry
vendor supplies and services.
About ORIX Municipal Finance
ORIX Municipal Finance makes
investments of approximately $10 million to $50 million in public,
semi-public and private entities. The company’s investment portfolio
includes transactions for a wide range of industries, including health
care, housing, education, energy and transportation. ORIX Municipal
Finance is a subsidiary of ORIX USA, a Dallas-based financial services
firm known for providing innovative capital solutions that clients need
to propel their business to the next level. ORIX USA and its family of
companies have more than 1,400 employees with principal offices in
Atlanta; Chicago; Hartford, Conn.; Los Angeles; Minneapolis; New York;
San Francisco; Seattle; Washington, D.C.; Frankfurt, Germany; London;
and Paris. ORIX USA holds approximately $7 billion of assets and manages
an additional $30 billion, approximately. ORIX USA is a wholly owned
subsidiary of ORIX Corporation, a Tokyo-based, publicly owned
international financial services company with operations in 36 countries
and regions worldwide. ORIX Corporation is listed on the Tokyo (8591)
and New York Stock Exchanges (IX). For more information on ORIX
Municipal Finance, visit www.orix.com.
About U.S. Bancorp Community Development Corporation
nearly $15.8 billion in managed assets as of Dec. 31, 2014, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB),
with $403 billion in assets as of Dec. 31, 2014, is the parent company
of U.S. Bank National Association, the fifth largest commercial bank in
the United States. The company operates 3,176 banking offices in 25
states and 5,022 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
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Source: U.S. Bancorp
U.S. Bank Corporate Communications
Shera Dalin, 314-335-3335